- The stock price of Chromadex Corp (NASDAQ: CDXC) increased by 15.64%. This is why it happened.
The stock price of Chromadex Corp (NASDAQ: CDXC) increased by 15.64% as it went from a previous close of $8.31 to $9.61. Investors are responding to ChromaDex announcing that it has entered into a securities purchase agreement for the sale of $25 million of its common stock in a private placement. And the private placement was led by a new international investor and is expected to close on or about February 23, 2021, subject to the satisfaction of customary closing conditions. In connection with the investment, ChromaDex agreed to sell 3,846,153 shares of its common stock at a per share price of $6.50, for gross proceeds of approximately $25 million.
The net proceeds from the private placement are expected to provide ChromaDex with added resources to accelerate growth of the Tru Niagen global brand, advance clinical research on NAD+ precursors, and support general corporate purposes.
“With this additional capital, we intend to further our position as the world’s leading NAD+ company with expanded scientific research on nicotinamide riboside (NR) and other NAD+ precursors,” said ChromaDex CEO Rob Fried. “We will also expand our marketing efforts on our flagship consumer brand, Tru Niagen, the safest and most efficient way to boost NAD+ levels, while continuing to protect our intellectual property against infringers. We are honored to have EverFund as an investor who sees the significant opportunity for Niagen globally.”
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